How Innovation Can Lead To Business Growth—In Bad Times
Innovation can help your business adapt and evolve in order to survive and grow. In your business, innovation may be driven by the need to solve a problem or capture a new opportunity.
Keeping your business fresh and attractive to your marketplace means investing in innovation – it’s vital to growth.
Ways to innovate
You could improve how old products or services are used, find new uses for them, or even create new ones. Innovation also includes changes that you make to how your business is run – can you create new processes or a new business model? You could implement a big change, a small change, or gradual changes over time.
Building a culture that supports innovation can help your business stay relevant, meet challenges, and stay competitive. Innovation is not just about new ideas, but also about new ways of applying ideas.
Encourage innovation by asking staff how they would improve the way they do their job, using business strategies that welcome innovation, reviewing current processes and arranging regular training and networking opportunities for all staff.
Make money from innovation
One way to make money from innovation is to commercialize your idea. Research and evaluate your innovation to find out if it will make your business money. Your idea or plan may sound great, but you need to assess whether your business is ready to sustain growth.
Protect your idea
Protecting your innovation (or your idea) is essential. Whether your idea is a new product or service, or an improvement to an existing product or service, you must protect your intellectual property.
How Will My Business Benefit?
- New innovation and creativity tools and methodologies will help you find fresh solutions to issues that are already a problem in your business.
- Your business will develop a more innovative culture – unlocking creativity and encouraging new and differentiated ideas for products and services.
- You’ll receive support with commercializing new products, services and business models, developing an innovation strategy and generating profitable IP.
- You will find out more about funding opportunities available to your business to support innovation projects.
- You’ll have access of up to £2,000 match funding for senior managers to undertake leadership and management training to help unite your business in its drive towards higher growth.
How To Get Started On Your Innovation Journey
First and foremost, companies need to understand how to organize themselves around innovation and how to get the best results from innovation. Companies must first consider their strategic imperatives, and how they can make a holistic transformation through people, process and structure.
The next step is to identify the technologies that are best-suited to their unique circumstances. Companies should work to improve enterprise productivity by reducing complexity and then drive a more agile IT environment that is an enabler for business growth, through the use of emerging technologies such as the four we’ve mentioned here.
- Use social networks to communicate and collaborate with employees as well as customers and business partners to co-create and generate ideas for new products and service.
- Enable a mobile workforce that can collaborate anytime from anywhere.
- Leverage analytics to derive value from connected data and get a 360-degree view of your information.
- Utilize cloud technologies to optimize your IT, transform your business processes, accelerate the creation of innovative products and services, and co-create with your community.
- Finally, companies need to consider how they would be able to measure the overall business value and impact – and how they would create and sustain appropriate executive commitment and organizational incentives to execute the innovation program, successfully.